Automotive Steer-by-Wire System Market Research Future Insights
The Global Automotive Steer-by-Wire System Market is estimated to be worth USD 4.7 Billion by 2030, registering a 5% CAGR
during the forecast period (2022- 2030).
The automotive steer-by-wire caters complete
steering control to the driver in the vehicle. The system eliminates mechanical
linkages near the steering system and improves vehicle performance. The
automotive steer-by-wire system controls the wheel direction by the electric
motor, which gets input through electronic control units from the driver.
Steer-by-wire technology is an automated substitute for the conventional
mechanical and hydraulic steering system, which uses only electronic components
for steering a vehicle.
The steer-by-wire technology eliminates many
mechanical components like the steering shaft, column, and gear reduction
mechanism, which consecutively reduces the vehicle weight and improves vehicle performance,
safety, and reliability. Steer-by-wire technology is an enhancement in electric
power steering, which uses an electric motor to apply steering force over the
rack.
The global automotive steer-by-wire market is
driven by an augmentation in concern among vehicle manufacturers about the
reduction in vehicle weight to advance vehicle efficiency. Moreover, regulatory
bodies across various nations have prompted vehicle manufacturers to
incorporate electronic power-assisted steering, which in turn is likely to
boost the global automotive steer-by-wire market.
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The culturing demand for better fuel efficiency due
to continuous growth in fuel prices and huge demand for vehicle comfort ability
is likely to further push the global market in terms of value and volume for
the automotive steer-by-wire system.
Regional Analysis
The Global Automotive Steer-by-Wire System Market
is divided into five regions; North America, Asia Pacific, Europe, Latin
America, and the Middle East & Africa.
Europe is projected to hold the highest revenue
market share throughout the forecast period owing to the presence of major
automotive-consuming nations such as Germany, the UK, Italy, Spain, and Russia.
Moreover, increased per capita income of
individuals, embracement for automated vehicle technologies, and presence of
technology suppliers across North America and Europe are likely to thrust the
demand for steer-by-wire systems in these regions.
Asia Pacific is likely to offer attractive
opportunities to manufacturers of steer-by-wire systems, owing to an increase
in the espousal of advanced vehicle solutions coupled with a rise in per capita
income in the region. The augmented demand for luxury vehicles owing to
boosted average disposable income and the growing purchasing power of consumers
are likely to raise the sales for the automotive steer-by-wire system.
Market Segmentation
The Global Automotive Steer-by-Wire System Market
is segmented into the following types;
By Component
- Feedback
motor
- Angular
Sensor
- Steering
Actuator
- Others
By Propulsion type
- ICE
- Electric
By Vehicle type
- Passenger
car
- Light
commercial vehicle
- Heavy
commercial vehicle
Key Players
The Global Automotive Steer-by-Wire System Market’s
prominent key players are Nissan Motor Company Ltd (Japan), ZF
Friedrichshafen AG (Germany), JTEKT Corporation (Japan), and Thyssenkrupp AG (Germany),
Paravan GmbH (Germany), Nexteer Automotive (US), Danfoss Power Solutions, Inc.
(US), SKF (Sweden), LORD Corporation (US), and Eaton Corporation (Republic of
Ireland).
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